Bloomberg: Merkel Offers Breakthrough Deal to Shield E.U. From Virus Fallout
“German Chancellor Angela Merkel and French President Emmanuel Macron agreed to support a 500 billion-euro ($546 billion) aid package to help the European Union recover from the coronavirus pandemic in a major step toward tighter integration. Following a videoconference between the two leaders, Merkel said that Germany would accept a fund within the framework of the E.U. budget, financed by additional borrowing, that would make grants to member states that have been hardest hit by the virus. Crucially, she said the bonds issued by the European Commission would be repaid from the E.U. budget, the lion’s share of which is covered by Germany. Italian bonds jumped…” (Delfs et al., 5/18).

Additional coverage of the deal is available from AFP and The Hill.